Loan Sales and Servicing Activities (Tables)

9 Months Ended

Sep. 30, 2019

Summary of cash flows between the Company and transferees upon sale of loans in transactions


	Quarter ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
	(in thousands)
Cash flows:
Sales proceeds	$	17,897,693	$	11,375,408	$	39,084,441	$	34,208,217
Servicing fees received (1)	$	149,210	$	123,626	$	426,774	$	354,535
Net servicing advances (recoveries)	$	8,605	$	4,147	$	(23,583)	$	(20,572)

(1)

Net of guarantee fees paid to the Agencies.

Summary of sale of loans between the Company and transferees upon sale of loans in transactions


	September 30,		December 31,
	2019		2018
	(in thousands)
Unpaid principal balance of loans outstanding	$	159,638,921	$	145,224,596
Delinquencies:
30-89 days	$	7,828,087	$	6,222,864
90 days or more:
Not in foreclosure	$	2,480,348	$	2,208,083
In foreclosure	$	1,199,933	$	720,894
Foreclosed	$	11,369	$	24,243
Bankruptcy	$	1,339,983	$	970,329

Summary of servicing portfolio


	September 30, 2019
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	159,638,921	$	—	$	159,638,921
Purchased		63,904,759		—		63,904,759
		223,543,680		—		223,543,680
PennyMac Mortgage Investment Trust		—		120,608,076		120,608,076
Loans held for sale		4,323,252		—		4,323,252
	$	227,866,932	$	120,608,076	$	348,475,008
Delinquent loans:
30 days	$	8,114,297	$	879,366	$	8,993,663
60 days		2,432,250		147,325		2,579,575
90 days or more:
Not in foreclosure		3,043,663		181,330		3,224,993
In foreclosure		1,518,946		87,284		1,606,230
Foreclosed		13,372		110,821		124,193
	$	15,122,528	$	1,406,126	$	16,528,654
Bankruptcy	$	1,872,679	$	124,619	$	1,997,298
Custodial funds managed by the Company (1)	$	6,976,614	$	3,018,131	$	9,994,745

(1)

Custodial funds include cash accounts holding funds on behalf of borrowers and investors relating to loans serviced under servicing agreements and are not recorded on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, which are included in Interest income in the Company’s consolidated statements of income.


	December 31, 2018
			Contract
	Servicing		servicing and		Total
	rights owned		subservicing		loans serviced
	(in thousands)
Investor:
Non-affiliated entities:
Originated	$	145,224,596	$	—	$	145,224,596
Purchased		56,990,486		—		56,990,486
		202,215,082		—		202,215,082
PennyMac Mortgage Investment Trust		—		94,658,154		94,658,154
Loans held for sale		2,420,636		—		2,420,636
	$	204,635,718	$	94,658,154	$	299,293,872
Subserviced for the Company (1)	$	414,219	$	—	$	414,219
Delinquent loans:
30 days	$	6,677,179	$	525,989	$	7,203,168
60 days		1,983,381		113,238		2,096,619
90 days or more:
Not in foreclosure		3,102,492		217,115		3,319,607
In foreclosure		1,027,493		127,025		1,154,518
Foreclosed		33,493		176,377		209,870
	$	12,824,038	$	1,159,744	$	13,983,782
Bankruptcy	$	1,415,106	$	107,083	$	1,522,189
Custodial funds managed by the Company (2)	$	3,033,658	$	970,328	$	4,003,986

(1)

Certain of the loans for which the Company has purchased the MSRs are subserviced on the Company’s behalf by other loan servicers on an interim basis when servicing of the loans has not yet been transferred to the Company’s loan servicing platform.

(2)

Summary of the geographical distribution of loans for the top five and all other states as measured by the total unpaid principal balance (UPB)


	September 30,		December 31,
State	2019		2018
	(in thousands)
California	$	55,400,197	$	51,377,441
Florida		27,435,384		22,650,926
Texas		26,509,926		23,648,042
Virginia		21,056,414		19,011,950
Maryland		15,968,754		13,774,011
All other states		202,104,333		168,831,502
	$	348,475,008	$	299,293,872